Quicken Loans, Inc.

August 5, 2014
RE: Complaint # [redacted]
Quicken Loans # [redacted]
To Whom It May Concern:
Thank you
for allowing us the opportunity to respond to Mr. [redacted]’ concerns. We regret
that Mr. [redacted] remains dissatisfied with the service we...

provided.
We first
spoke with Mr. [redacted] on July 28, 2014 after he submitted a mortgage inquiry
through lendingtree.com. Mr. [redacted]’ Mortgage Banker, [redacted],
gathered preliminary information so that he could understand which mortgage
program made the most sense for Mr. [redacted] and the applicable interest rate
and terms. As part of this process, [redacted] verified Mr. [redacted]’ social security
number and date of birth, so that he could access his credit history. He also
requested permission to view Mr. [redacted] credit, which he agreed to. This step
is necessary before we can accurately quote available loan options, interest
rates, and closing costs. The Fair Credit Reporting Act requires a permissible
purpose to access a prospective client’s credit history. When Mr. [redacted]
submitted his information through lendingtree.com, the requirement for
permissible purpose was met.
We regret
that this matter is causing Mr. [redacted] concern and can only conclude that he
is under the impression that the impact of a credit inquiry is significantly
more than it is. The “new credit” portion of a credit score is based on many
factors, of which inquiries is just one.  For most clients, the impact of an inquiry is
3-5 points, which is negligible. Additionally, the credit bureaus understand
that people often speak to several lenders prior to making a decision.
Therefore, if Quicken Loans pulls credit within 30 days of another lender,
there is no impact on the score. Similarly, any mortgage inquiries within the
past 45 days of one another only count once against a client’s score.
In order to
remove an inquiry, we as a lender must say it was requested fraudulently. We do
not agree that this is the case. If you or Mr. [redacted] has any additional
questions, please don’t hesitate to contact me directly for assistance.
Respectfully,
[redacted]
Executive
Office
###-###-####

[A default letter is provided here which indicates your rejection of the business's offer. 
Revdex.com:
I have reviewed the offer made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:
A hard credit inquiry is not necessary to only give me estimates of rates that I may be eligible for.  A soft inquiry is all that is necessary. Even after the hard inquiry was done I couldn't get [redacted] to give me any idea what rates I could get.  [redacted] misled me and said I could get 3.1 to 3.9% rate. Then when I pressed him on the fees and points he finally gave me a more accurate rates of 4.25 to 4.5%.  [redacted] was dishonest from the beginning and I think the least you can do is remove the hard inquiry.  I wouldn't have given him permission if he was honest from the beginning.  It wasn't  clear to me that he would run a hard inquiry.  It wasn't even clear to me that he was filling out a load application.  I was just try to shop for the best rate. I've spoken to the credit bureaus and they said it only requires a letter asking to have it removed.  I guess quicken has heard the adage "Satisfied customers tell three friends, angry customers tell 3000."
[You must provide details of why you are not satisfied with this resolution. Please type details here:]
Regards,
[redacted]